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4 <br /> 1 5. Public Hearings <br /> 2 a. Public Hearing on FY 2024-2025 Annual Action Plan for the HOME Investment <br /> 3 Partnerships Program <br /> 4 The Board held a public hearing on the Annual Action Plan for the HOME Investment Partnerships <br /> 5 Program. <br /> 6 <br /> 7 BACKGROUND: Every year, state and local governments ("Participating Jurisdictions") that <br /> 8 receive HOME Investment Partnerships Program ("HOME") funds from the U.S. Department of <br /> 9 Housing and Urban Development ("HUD") are required to complete an Annual Action Plan that <br /> 10 lays out how they will allocate HUD funds for the upcoming program year in order to address the <br /> 11 goals and priorities in the Consolidated Plan. A summary of the draft Annual Action Plan for FY <br /> 12 2024-2025 for Orange County is provided at Attachment 1. <br /> 13 For FY 2024-2025, the Orange County HOME Consortium anticipates receiving the following <br /> 14 HOME resources: <br /> 15 <br /> FY 2024-2025 HOME Funds $ 429,496.00 <br /> HOME Program Income $ 28,306.00 <br /> Total (Allocation + Program Income) $ 457,802.00 <br /> 16 <br /> 17 The amount of FY 2024-2025 HOME Funds is subject to change according to HUD's final <br /> 18 allocation notice, which is typically sent in either the 2nd or 3rd quarters. The below proposed award <br /> 19 amounts may change accordingly, although the funding proportions will be maintained. <br /> 20 Orange County is a special type of Participating Jurisdiction, called a Consortium, consisting of <br /> 21 Orange County and the Towns of Carrboro, Chapel Hill, and Hillsborough. Orange County serves <br /> 22 as the lead entity for the Orange County HOME Consortium.As the lead entity, Orange County is <br /> 23 entitled to dedicate up to 10% of FY 2024-2025 HOME funds towards administration costs. This <br /> 24 provision allows for the allocation of funds to cover necessary administrative expenses associated <br /> 25 with the management and oversight of HOME funds, ensuring efficient and effective <br /> 26 implementation of housing programs within the consortium. <br /> 27 <br /> 28 All Participating Jurisdictions (PJs) must contribute or match no less than 25 cents for each dollar <br /> 29 of HOME funds spent on affordable housing. As PJs draw funds from HOME Investment Trust <br /> 30 Funds, they incur a match liability which must be satisfied by the end of each federal fiscal year. <br /> 31 The matching contribution adds to the resources available for HOME-assisted or HOME-eligible <br /> 32 projects and must come in the form of a permanent contribution to affordable housing. <br /> 33 <br /> 34 For FY 2024-2025, the Orange County HOME Consortium anticipates the following HOME <br /> 35 funding breakdown: <br /> 36 <br /> 37 FY 2024-2025 HOME Funds $ 429,496.00 <br /> 38 10% Program Administration $ 42,949.60 <br /> 39 HOME Program Income $ 28,306.00 <br /> 40 Local Match $ 96,637.00 <br /> 41 Total Allocation + Program Income + Match $ 511,489.40 <br /> 42 <br /> 43 The Consortium has drafted the FY 2024-2025 Annual Action Plan based on the HOME award <br /> 44 recommendations made by the Local Government Affordable Housing Collaborative, detailed <br /> 45 below. <br /> 46 <br />